Spain’s number one department store chain El Corte Inglés has seen its profits collapse a whopping 46 per cent in 2008. The huge drop in consumer demand has forced the chain to drastically reduce both its prices and margins, and to considerably increase financing to its clients in order to maintain sales.
El Corte Inglés maintains its leadership position in Europe and becomes the second in line on a world scale, solely behind the American Sears Holding, yet infront of Macy’s, according to the latest figures from the company.
The El Corte Inglés chain registered 17,362 million euros in sales, representing a decrease of 3.5 per cent compared to previous year. The department store chain employs almost 100,000 workers, a figure the company is looking to maintain.
El Corte Ingles group has seen the number of shoppers using the shopping card has increased by 600,000 users to 10.8 million.